Compare Philadelphia, PA mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Philadelphia.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Philadelphia. Plus, shopping lenders is free and there is no obligation.
January 19, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Philadelphia. Understand how much you need to earn to afford a home in Philadelphia, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Philadelphia fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Philadelphia is right for you.
The median home value for Philadelphia, PA is $222,771
Based on current mortgage rates and a 10% down payment, you need to make $36,500 per year to buy the median priced home in Philadelphia
With this income, you could qualify for a $200,494 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Philadelphia is $845
The median household income for Philadelphia, PA is $51,313
Based on this income, you can afford a home valued at approximately $313,180
The home price you can afford to buy based on household income in Philadelphia is 141% of the median home value which means housing prices are average. Philadelphia ranks 66 out of 67 counties in Pennsylvania and 2,707 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Philadelphia, PA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Philadelphia below.
Conforming loan limits for Philadelphia, PA
FHA loan limits for Philadelphia, PA